Facing shortfall, Boston archdiocese pares clergy pension benefits
May 26, 2009
The Boston archdiocese has sharply cut back on benefits to retired clergy, in order to face the collapse of its underfunded clergy-retirement account. The new archdiocesan policies will also trim benefits to priests who take leaves for health reasons.
The pension fund for the Boston clergy is underfunded by $114 million, according to an archdiocesan report, and annual benefit payments outstrip contributions to the fund by $10 million. In reducing benefits, the archdiocese explained that previous policies would have exhausted the pension fund by 2011.
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